792 Crypto Fraudsters Busted as Court Orders Forfeiture of ₦350 Million Digital Assets
A Federal High Court in Lagos has ordered the interim forfeiture of digital wallet assets worth $222,729.86 (over ₦350 million) to the Federal Government of Nigeria. The assets were allegedly linked to a syndicate of 792 cryptocurrency investment and romance fraudsters arrested by the Economic and Financial Crimes Commission (EFCC) on December 10, 2024.
Justice A. Owoeye issued the order on Monday, February 3, 2025, following an ex-parte application by the EFCC. The agency’s lawyer, Zeenat Atiku, told the court that the fraudsters were operating in Lagos under a company called Genting International Co. Limited (GICL).
“The digital wallet assets were reasonably suspected to be proceeds of an unlawful activity,” Atiku argued while seeking the interim forfeiture.
The EFCC disclosed that its operatives had received intelligence on the syndicate, which was allegedly running large-scale fraudulent schemes targeting victims abroad. During a surprise raid at 7, Oyin Jolayemi Street, Victoria Island, Lagos, the agency arrested the suspects and recovered the digital assets.
Granting the EFCC’s request, Justice Owoeye ordered the Commission to publish the forfeiture order in a national newspaper. The publication will allow anyone with a legal claim to the digital wallet assets to come forward within 14 days and show why they should not be permanently forfeited to the government.
The court adjourned the case to March 7, 2025, for a compliance report.
